Global Bromine Market - 2022-2029

Global Bromine Market - 2022-2029

Market Overview

The global bromine market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Bromine is a non-metallic chemical element of the halogen group. It is denoted by the symbol 'Br' and has an atomic weight of 35. Bromine is a red-brown liquid at room temperature and evaporates easily to form a vapor. Bromine does not occur freely in nature and is mostly present as brominated salts. It is extracted from brine after separating sodium chloride and potash. Bromine ions are oxidized in an aqueous solution to obtain elemental bromine.

Bromine has wide-ranging industrial applications. It is chiefly used to produce flame retardants for different types of material. Bromine is also used for making oil drilling fluids, mercury emission control, meat processing and as a catalyst in the formation of organic compounds.

Market Dynamics

The rising demand for flame retardants mainly drives the demand for bromine due to stringent fire safety regulations. It is the most important driver for the market. The toxicological nature of bromine compounds is the key challenge for the growth of this market.

Increasing demand for flame retardants due to stringent fire safety regulations

Fires are a massive hazard globally and fire-related accidents lead to damage of property and loss of lives. It is estimated that fires contribute to nearly US$ 76 million in economic losses annually. Insurance companies bear a major portion of those losses while settling claims on damaged assets, infrastructure and lost human lives.

Governments globally are mandating strict fire safety regulations to minimize the loss of lives and economic damages due to fires. The fire safety regulations have mainly been implemented in electronics, consumer goods, automotive, textile and construction industries. There has been an increasing demand for flame retardants to ensure compliance with these regulations. Flame retardants prevent fire by delaying the combustion process. Brominated Flame Retardants (BFRs) are some of the most widely used in the industry.

BFRs are organobromine compounds that have an inhibitory effect on combustion chemistry and reduce flammability. When products containing BFRs are burned, the retardant produces hydrobromic acid, which interferes with the oxidation reaction of the fire. Highly reactive oxygen and hydrogen radicals react with hydrobromic acid to form less reactive bromine radicals, which inhibitory the combustion process.

BFRs are widely used in producing polymers, especially those used in electrical and electronic components. BFRs are also applied to building materials such as paints, insulation foam, wires and cables. Thus, the increasing demand for flame retardants is one of the main drivers for the global bromine market.

Toxicological effects of bromine compounds.

Bromine is a highly corrosive and toxic element. It is extremely volatile and evaporates easily into a reddish-brown vapor. The vapor has a pungent odor and causes extreme irritation to the eyes and nose. The inhalation of concentrated bromine vapor in even minute quantities is fatal. BFRs are the most widely used flame retardants and can be found in many household products such as mattresses, paints, rubbers, plastic, wires, cables and insulation foams.

BFRs are known to be bioaccumulative and toxic to humans and the environment. BFRs are also considered to be possibly carcinogenic to humans. The widespread toxicity of bromine compounds prompts governments globally to limit, restrict and replace their use in everyday products. The toxicological effects of bromine compounds are a key challenge for the growth of this market.

COVID-19 impact analysis

The global bromine market experienced uneven impacts on value chains in production and sales in 2020 due to the COVID-19 pandemic. Flame retardants in automotive and building applications saw steep declines since government-imposed lockdowns and restrictions brought a prolonged halt to manufacturing and construction globally. Food, pharmaceutical and agricultural applications saw modest growth. The main reason behind the growth is the continued operation of essential services such as meat and food processing and municipal water treatment.

Bromide-containing medical products such as over-the-counter sedatives, sleeping aids and cough syrups saw a rise in demand mainly due to the mental health crisis brought on by the lockdowns and the pandemic.

The short-term impact of the COVID-19 pandemic has been relatively mild for the industry. Major producers have cut operating expenses and capital expenditure in response to the pandemic and were further benefited by switching to other products. The pandemic will have a negligible impact on the medium to long-term growth of the global bromine market since companies are expected to gradually ramp up capacity utilization as economic activity returns to pre-pandemic levels. The demand for bromine remains strong and is expected to grow gradually in the coming years.

Segment Analysis

The global bromine market is segmented into derivative, application, end-user and region. The bromine market is segmented into flame retardants, water treatment, pesticides, oil and gas well drilling, meat processing, and others. Flame retardants dominate this segment since it is the single largest user of bromine. Bromine is used to produce Brominated Flame Retardants (BFRs). BFRs are organobromine compounds that have an inhibitory effect on combustion chemistry and reduce flammability.

When products containing BFRs are burned, the retardant produces hydrobromic acid, which interferes with the oxidation reaction of the fire. Highly reactive oxygen and hydrogen radicals react with hydrobromic acid to form less reactive bromine radicals, which inhibitory the combustion process. BFRs are widely used in producing polymers, especially those used in electrical and electronic components. BFRs are also applied to building materials such as paints, insulation foam, wires and cables.

Geographical Analysis

Asia-Pacific is leading in the global bromine market. The region accounts for the largest market share, primarily due to major emerging markets such as China, India, Malaysia, Indonesia and developed markets such as Taiwan, Japan and South Korea. Some of the largest bromine producers and consumers are located in this region.

China has the largest construction industry globally and is expected to add US$1.2 trillion to global construction output by 2030. Civilian construction has driven this growth, primarily due to the Chinese government's push to make housing more affordable and widespread investment in infrastructure. Another factor fueling growth in this region is China's Belt and Road Initiative (BRI), a global infrastructure investment strategy.

BRI is currently funding the construction of ports, highways, industrial zones and other infrastructure in emerging Asia-Pacific markets such as Bangladesh, Sri Lanka, Malaysia, Indonesia, Thailand and South Korea. China also has the largest electronics industry globally, with nearly 50% of the global production market share by value. Building construction and electronics are the chief demand drivers for flame retardants. The Asia-Pacific is expected to retain the largest market share in the global bromine market in the coming years.

Competitive Landscape

The global bromine market is competitive due to the wide applications of bromine-based products available from different companies. Some of the major players contributing to the growth in the segment are Albemarle Corporation, ICL Group Ltd., Tosoh Corporation, Lanxess AG, Gulf Resources Inc., Tetra Technologies Inc., Tata Chemicals Limited, Jordan Bromine Company, Shandong Yuyuan Group Co. Ltd, Shandong Haiwang Chemical Co. Ltd. The significant players adopt several growth strategies such as new product launches, joint ventures and collaborations, contributing to global growth in the industry.

Albemarle Corporation

Overview: Albermarle Corporation is a major chemical manufacturing company with primary interests in lithium, bromine specialties and catalysts. The company is the largest provider of lithium for battery electric vehicles. Albemarle Corporation was founded in 1994 and is headquartered in Charlotte, North Carolina, U.S.

Product Portfolio: SAYTEX BT-93W is a bromine-based flame retardant for electronic enclosures, films and textiles. The retardant has high thermal stability and UV resistance.

Key Developments: In 2021, Albermarle Corporation launched SAYTEX 8010, a new flame retardant with high bromine content for electronic enclosures, electronic and electrical components, insulation foams and textiles.

Why Purchase the Report?
Visualize the composition of the bromine market segmentation by type, application, end-user and region, highlighting the critical commercial assets and players.
Identify commercial opportunities in the bromine market by analyzing trends and co-development deals.
Excel data sheet with thousands of global bromine market-level 4/5 segmentation data points.
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Product mapping in excel for the critical product of all major market players

The global bromine market report would provide access to an approx.: 66 market data tables, 65 figures and 180 pages.

Target Audience 2022
Chemical manufacturers
Industry Investors/Investment Bankers
Education & Research Institutes
Research Professionals